The nomination of 59-year-old Maureen Jensen as the new head of the Ontario Securities Commission is seen as a palatable choice as the province continues to push for the establishment of a national regulatory body.

If approved, the current OSC executive director will be appointed to a two-year term as the capital markets watchdog’s chair and chief executive – a move widely praised by legal and regulatory players.

“Because of her age… Jensen is likely not looking — nor seen to be looking — for an industry appointment after her OSC stint,” said Richard Leblanc, a professor of law, governance and ethics at York University. That should help ease concerns that Canada’s biggest province would dominate any effort to create a co-operative national-provincial regulator.

When her predecessor Howard Wetston was appointed chair of the OSC in 2010, he was widely seen as a shoo-in to lead a pan-Canadian regulator. Wetston stepped down in November.

In a statement announcing Jensen’s nomination Tuesday, Ontario finance minister Charles Sousa singled out her work in implementing Ontario’s new “comply or explain” disclosure regime to promote increased representation of women on boards of directors and in executive officer positions.

Sousa’s statement said Jensen is also “an instrumental part of the OSC’s executive team” that has been supporting the Ontario government’s efforts to create the co-operative national-provincial regulator. So far, the Co-operative Capital Markets Regulatory System has the federal government, five provinces including British Columbia, and one territory on board. But there are also fierce opponents, including officials in Quebec and Alberta who have repeatedly vowed not to join.

If all goes according to plan, she should be in the new position by spring, according to a finance department spokesperson, who added that her suggested term is two years.

Jensen joined the OSC in 2011 as executive director, leaving her position as senior vice-president, surveillance and compliance, at the Investment Industry Regulatory Organization of Canada. Prior to that, she had worked a as director at the Toronto Stock Exchange, and as an executive at several mining companies.

Sources say she worked closely with Wetston during his term as OSC chair, which ended in mid-November, and often helped him set and track the regulator’s agenda.

However, Jensen’s nomination as chair came as a surprise to some market observers because the OSC’s vice-chair Monica Kowal was named acting chair when Wetston stepped down.

At that time, sources told the Financial Post there was one internal candidate under consideration to permanently replace Wetston, and three external candidates. If formally appointed, Jensen will be the first permanent female chair of the OSC, according to the finance ministry spokesperson.

Anita Anand, a professor of law at the University of Toronto and a keen follower of regulatory matters, said Jensen brings a wealth of experience to the job.

“She has been a key player at the OSC since joining as executive director and is very thoughtful around the table,” said Anand. “I am very excited for the organization and indeed for Ontario’s capital markets.”

York University’s Leblanc said the Ontario government “could not have picked a better choice” to lead the provincial securities regulator.

“Maureen is independent, possesses industry as well as capital markets experience, and has political acumen and highly developed consensus skills and the utmost integrity,” he said.

In 2014, Jensen was named by Toronto Life magazine as one of the city’s most influential people. The magazine credited her with introduction of the new rules aimed at increasing the representation of women on corporate boards and in senior management.

At the OSC, Jensen took the lead on files including a “mystery shop” to assess advice provided to retail investors by advisers across the country. She also waded into a contentious overhaul of the regulator’s fee structure.

If Friday's gains are anything to go by, investors are champing at the bit

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